In a pointer of unrestrained for a Washington D.C.-area hotel market, HEI Hotels and Resorts on Wednesday snapped adult a high-end, Kimpton-run hotel in a suburbs, Hotel Check-In has learned.
HEI bought a Hotel Palomar in Arlington, Va., and is going to reconstruct a hotel and modify it into one of Starwood’s sophisticated, European-style Le Meridien hotels, according to Jones Lang LaSalle, that rubbed a sale on interest of a owner.
The 154-room hotel’s name, in fact, altered once a sale sealed progressing today.
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A squeeze cost was not disclosed. Renovation sum were not nonetheless available, though I’ll follow adult with HEI shortly maybe for an arriving Makeover Monday feature.
The hotel’s nearby supervision offices and offices of vast companies such as Deloitte, Northrop Grumman and Rosetta Stone.
Starwood’s website already shows a switch. For a night of Mar 7, for example, a site shows a lowest accessible rate of $279. Starwood also has a Westin and Sheraton in Arlington.
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Jones Lang LaSalle’s Gilda Perez-Alvarado and Jeffrey Davis led a sale on interest of a prior owner, JBG Companies. The hotel is a hotel member of a Waterview complex, dual towers that also oppulance condominiums and high-end bureau space. The towers non-stop in 2007.
“The larger D.C. (market) is one of a many critical investment markets in a USA,” Perez-Alvarado told me.
The hotel was in direct especially among private equity firms given of a singular series of oppulance hotels now for sale in a larger Washington D.C. area, she said. The government agreement also authorised a new owners to change government companies.
Mostly private equity firms bid for a hotel, given it went to marketplace late final year during a time when a batch marketplace incited opposite a genuine estate investment trusts, she said.
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